Learn from the Kardashians' mistakes: time to brush up on prenups

Bruce and Kris Jenner reportedly do not have a prenup, setting the stage for a nasty battle over their $125 million fiefdom. (Kevin Winter/Tonight Show/Getty Images for The Tonight Sho)

You may not have the Kardashians' money, or their looks, but you could easily have their problems.

In light of the big split last week between Bruce and Kris Jenner, matriarch of the Kardashian klan, it's time to brush up on prenups.

Advertisement

The Jenners reportedly don't have one, setting the stage for a nasty battle over their $125 million fiefdom.

Prenups aren't just for celebs and rich folks anymore.

In fact, more than 70% of divorce lawyers said they saw a jump in these agreements from 2005 to 2010, according to a survey by the American Academy of Matrimonial Lawyers.

A big reason: as more people remarry later in life, they're looking to protect their assets.

The Daily News spoke to matrimonial lawyers Judith Poller, a partner and co-chair of the family law group at Pryor Cashman, and Steven Eisman, an executive partner at Abrams Fensterman.

Here's what they had to say about this touchy topic.

What is a prenup?

"A prenuptial agreement, if done correctly, is a legally binding contract that provides for the division of marital assets, spousal support in the event of a divorce and how assets will be bequeathed upon the death of a spouse," Poller said.

It puts you in the driver's seat if your marriage falls apart. Without one, the laws of a particular jurisdiction will apply.

A prenup "permits the parties to lay out their rights and obligations in defined and agreed to monetary terms prior to the marriage, thereby potentially limiting financial and emotional expenses at the time of dissolution," Eisman said.

What would happen to a couple in New York state without a prenup?

If you get divorced in New York state without a prenup, anything you earned during the marriage is considered marital property.

Anything you come into the marriage with, remains separate. But the appreciation on those separate assets may be considered marital.

Do I need one if I'm not rich?

Advertisement

Prenups are obviously more important for people who enter a marriage with a significant amount of wealth or property.

But they "can also be utilized to limit any claims by a spouse to the appreciation of a pre-marital asset (a business investment account, real property or retirement account) as well as to preserve inheritances for children of a prior marriage," Eisman said.

So if you own a business, or you're getting a professional degree in a potentially lucrative field, or you have kids from a previous marriage, you might want to consider one.

Isn't a prenup a bad way to start off a marriage?

It ain't sexy.

"On the other hand, having to address and discuss money issues and difficult topics can be useful," Poller said.

"Marriage, at times, is full of difficult issues and getting through them and communicating well is important. Most people get through the prenup process with some better communication skills."

If we don't do this before we are married, can we sign this kind of agreement after the fact?

New York permits post-nuptial agreements. Not every state does, Poller said.

What should I expect to pay in legal fees?

The fees vary depending upon the complexity. They can cost anywhere from several thousand dollars to $50,000.

Why are prenups becoming more common?

As more people get married later in life and have accumulated substantial assets, they are signing prenups.

At the same time, more people are entering into second and third marriages with both assets and children to protect, Eisman said.

"Certainly the Jenners, with fame, fortune and children from prior marriages at the time of their union, would have been well served to have entered into a pre-nuptial agreement."